This story was written by David Kaplan. Four months after exiting their senior posts at interactive ad shop AKQA, P.J. Pereira and Andrew O'Dell have raised $30 million in a first round funding for their new agency, WSJ reports. The round was led by ABC International, a Brazilian investment fund. The pair are considering raising an additional $70 million. The agency, Pereira & O'Dell, is based in San Francisco.

-- Acquisition plans: The two want to build a network of creative shops, though they're fairly open to buying companies with other disciplines such as PR and production. Pereira and O'Dell do say they are not interested in following the aQuantive route of acquiring technology companies.